Coinbase Allows Pledge Cancellation After Shanghai Capella Upgrade

03/16/2023 18:40 • Metaverse & Beyond • 74 views

According to reports, Coinbase stated on Twitter that around 24 hours after Shanghai Capella upgraded to the Ethereum network, Coinbase will begin accepting requests to cancel the pledge, which will allow users to cancel the pledge of ETH. However, this does not mean that users will be able to immediately cancel the pledge of their ETH. Because Coinbase said, “The Ethereum agreement controls the process of canceling the pledge, and we are just pipelines. We cannot share the exact waiting time when you request to cancel the pledge.” Coinbase currently provides a 6.0% mortgage ETH annual return.

Coinbase: The request for cancellation of pledge will begin to be accepted 24 hours after the Shanghai Capella update

Analysis based on this information:

Coinbase has announced that it will accept requests from users to cancel their ETH pledge approximately 24 hours after Shanghai Capella upgraded to the Ethereum network. This is significant news for Coinbase users who have been looking to withdraw their pledge. However, the process of canceling pledges will not be a straightforward one as it is subject to waiting time and Ethereum protocol regulations.

With six percent mortgage ETH annual return, Coinbase has been successful in attracting users to pledge their ETH. But those who want to unpledge face hurdles. Coinbase has clarified that it is only a pipeline for processing cancellation requests, and the actual process is controlled by the Ethereum protocol. Therefore, Coinbase cannot reveal the exact waiting periods for processing cancellation requests.

Users who have given a pledge of their ETH on Coinbase have a certain percentage of their coins locked for a stipulated period. During this time, users cannot use their locked ETH for any transactions. This can be a hindrance for those who require immediate access to their coins. The option of canceling a pledge can be a relief for such users.

This development in the Ethereum network may be seen as a response to the gas crisis, which leaves many users confused and frustrated. The Ethereum network has been known to experience surges in transaction fees due to congestion. Moreover, the cancellation feature may also increase the functionality of the Ethereum network, leading to better user experiences.

In conclusion, Coinbase’s decision to allow the cancellation of pledges is significant news for users who intend to unpledge their ETH. However, the waiting period and the Ethereum protocol regulations have been a source of uncertainty. Despite this, Coinbase’s 6% mortgage ETH annual return may still attract future investors.

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